We do not need to tell you that things have been pretty nerve-wracking for anyone thinking about launching a new business recently. The last couple of years have been like nothing we have ever seen before, and we have all been glued to the news wondering how we can weather the next storm. Over the last few months, there have been more encouraging signs in the marketplace as the new normal continues to stabilize, but we have all seen more than enough to know that preparation is going to be crucial for any company, especially new ones.
Surprises and challenges can come out of nowhere, but so can new opportunities. Here are a few tips to help you get your business off to the best possible start and to make sure that you can continue to grow without taking too many unnecessary gambles.
Do Your Research
Anyone will tell you that you should never launch a business without putting together a detailed business plan. We will get to the financial element of that in just a moment, but we want to start with scoping out your competition. If you are launching a business in 2022, you need to remember that other companies you will be going up against will have had two years of learning how to navigate this unpredictable new landscape.
This makes it more important than ever to understand where you can find a niche for your business and establish your USP. Look at how they have responded to the different challenges of the last couple of years and remember that you have the opportunity to build flexibility into your company from the get-go.
Understand Your Finances And Prepare For More Turbulence
Some entrepreneurs are more comfortable with a concept than reality. They are always very compelling in pitches and meetings, floating the blue-sky ideas that can inspire people and help to build a team and an investment portfolio that is essential to getting a business off the ground. But if you are not able to give yourself the proper financial support structure to keep your business alive during the tougher months, you will find that you are struggling sooner than you would hope. The current supply crunch, for example, is exactly the kind of thing that could sink a business that has not properly prepared for the financial hardships of such a situation.
You should think about bringing a financial advisor or accountant on board to help you break down exactly where you stand and who can advise on the clearest path forward. They will be able to identify saving opportunities and clear risks, but they can also help you to take advantage of grants and incentives. We all hope for the best for our new businesses but having a financial cushion is so important if the worst should happen.
Get Working On Your Brand And Your Advertising
So many businesses out there prefer to hand off their marketing and their brand identity creation to a third party. There is not necessarily anything wrong with this in principle, but there are some very compelling reasons for doing it yourself.
The first is that we are all watching our spending right now and you may not feel comfortable handing over a large chunk of your budget at this point in your business’ journey. The second is that you may certainly have a better idea of what you are trying to communicate than anyone else, and it is a big responsibility to hand off to someone else. The third is that creating your own advertising campaign is eminently doable. With ad maker software, you can work up your own messaging and develop it with other members of your team. Creatopy offers an intuitive and easy to use ad making software that allows you to put together a campaign in minutes.
Be Clear On The Office Question
One of the biggest questions that has been haunting all businesses for the last couple of years is: do we go back to the office or not? Many companies have a central location office as part of their corporate identity. They still see a brick-and-mortar space where they can bring their employees together and host clients as a necessary component of the way they work.
Others have taken advantage of the freedom that remote working offers. These freedoms include the option to hire employees from all over the country, or indeed other countries. Then there’s the flexibility in terms of hours, allowing employees to create a schedule that is based on when they are most productive. Finally, there is the cost. You can save serious money by eliminating office space rental and associated bills from the get-go. Whichever you choose, it is important to make this decision now instead of being forced into an awkward position later in the game.
Make Environmental Responsibility A Priority
In amongst the deluge of major news events over the last couple of years, climate change has been impossible to ignore. We have all seen the extreme weather events and the commitments from world leaders to act now to avoid future disaster. How does that affect your business? The fact is that consumers are fully aware of these issues, many care deeply about them, and they will expect the businesses they use to show that they are just as invested.
By making environmental awareness and responsibility a part of your corporate identity from launch, you will be able to demonstrate that you are committed to a wider future and not just your own. Think about reaching out to potential partners and suppliers to find out what they are doing to prioritize a green way of working. If you are going to be using a lot of packaging, be sure to look for environmentally friendly options such as recycled (and recyclable) material. Make energy efficient choices for your office space if you choose to have one. Look at local green charities and initiatives in your area and see what you can do to help.